Record drop in hashing difficulty affects recovery in Bitcoin mining revenue
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Answer Record drop in hashing difficulty affects recovery in Bitcoin mining revenue
Thanks to a record-low difficulty, bitcoin mining yields per terahash per second (TH/s) of computing power have recovered to the same level as when the bitcoin price was around $45,000 in mid-May.
Displays a dashboard Source Daily mining revenue per TH/s is up, after Bitcoin mining difficulty posted its biggest ever drop of nearly 28% on July 3.
data fromBitinfochartsIt has a slightly different estimate of daily mining revenue per TH/s.
But they generally show a similar trend.
The record drop in difficulty in bitcoin mining was a direct result of China’s request for power plants to cut off their supplies to bitcoin mining facilities over the past month.
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The computing and hashing capacity has decreased by more than 90 million TH/s which is about 50% of the total network hash rate.
But for the bitcoin miners who were able to stay online all the time, this meant that their daily rations of bitcoin block rewards increased proportionally with the decrease in difficulty.
When the Chinese government decided to step up efforts to crack down on bitcoin mining in early June, miners began migrating and searching for places with favorable weather and cheap electricity to move to.
After lockdown orders in China’s Xinjiang and Sichuan provinces, second-hand hardware has flooded the market with a massive supply of millions of bitcoin ASIC miners who have been sacked in recent weeks.
The crackdown from China also affected Ethereum and other crypto miners, who were dumping used fee-processing units (FPUs) on second-hand markets.
Therefore, industry experts do not expect the Bitcoin hash rate to recover to an all-time high of around 180 million TH/s any time soon, allowing more scope for existing miners to take advantage of the reduced mining difficulty.
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